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Constitution Notes

GDL Law Notes > GDL Equity and Trusts Notes

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Revision: Equity

[CONSTITUTION]
Formalities: Equitable title Constitution: Legal Title

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Concerned with constitution during lifetime (as constitution takes place under the will upon death)

Milroy v Lord:

1. Methods appropriate to transferring different types of property

2. Methods of conferring the benefit of property on people set down:An outright giftA transfer on trust - with someone else as the trustee (transfer on trust)Self-declaration of trust - settlor declares himself as trustee

3. That equity will not perfect an imperfect gift 5 main types of property:

1. Chattels - pure personal - you can do it formally - but you don't have to: intention/delivery (informal transfer)

2. Shares: Shares in a private company:

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Must execute a stock transfer form - s1, Stock Transfer Act 1963

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Must send it with the old share certificate to the company - where registrar of the company will register the new shares (unless exemption in Articles)

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(Shares in public companies: CREST system)

3. Copyright: S90(3), Copyright, Designs and Patents Act 1988

4. Bank Account: A Bank Account = a debt - creditor/debtor relationship - chose in action - if you want to transfer the benefit - s1376 Law of Property Act - signed, written notice to the debtor (the bank)

5. Land: s52, LPA 1925 - by deed

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deed defined in s1 LP(MP)A 1989: a) Written 1

Revision: Equity

[CONSTITUTION]
b) Signed c) Witnessed d) Headed deed e) Delivered Methods of Benefiting Another: Legal Interests:

1. Outright gift

2. Transfer on trust

3. Self-declaration of trust Equitable interests: 4 types from Timpson's Executors v Yerbury (Above) Failure to constitute - Ineffectual transfer The Principle

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Equity will not assist a volunteer - A volunteer is someone who doesn't provide any consideration - doesn't give anything in return

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Equity will not perfect an imperfect gift

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Equity will not treat a failed gift as a self-declaration of trust

Application:

1. If as in Milroy v Lord - settlor intends to create a settlement by transfer but fails to vest legal title in the trustees - then equity will not perfect

2. If donor intended absolute gift - but failed to effectively transfer the property - equity will not construe the failed absolute gift (method 1) as a declaration of trust (method 3) o

Jones v Lock - Jones returned home without a present for his baby so produced a cheque payable to himself and said 'I give this to baby; it is for himself' - he died shortly afterwards -

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